Private banks are going to hate this new directive by RBI! Passbook is mandatory

Sushubh

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Oct 29, 2004
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"It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility.

"Banks are, therefore, advised to strictly adhere to the instructions...," the Reserve Bank of India (RBI) said in a notification.

In case banks offer the facility of sending statement of account and the customer chooses it, banks must issue that on monthly basis.



All banks must issue savings account pass book - Readability

Another directive?

RBI asks banks not to honor cheques beyond 3 mths
 

Jaymin

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Oct 18, 2010
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But, i dont see the need for it, until u r getting timely statements in ur email! Just reducing the paper work & manual efforts of updating pass book. What do u reckon?
 

Sushubh

Administrator
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Oct 29, 2004
413,715
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Gurugram
well. this does not apply to all banks. but standard chartered for example... has very shitty policies.

they let you pick from two options:
1. either you order paper statements
or
2. you get them on email

this is a problem because?

you need paper statements for address proof etc etc. and if you pick this one you do not get them on emails.
if you get them on email, you do not get printed statements at all.

also.

standard chartered online banking only provide access to last 90 days of data. if you opt for email statements, you get last 12 months worth of data through PDF files.

in other words, if you are someone like me who is careless with paper statements, you would have no way to get access to old statements unless you are ok with paying 100-150 rupee per page of statements.

passbooks are old fashioned. but they are somewhat better than paper statements. you can go to the bank anytime and force them to update it for you for free (i would imagine that regulations would stop them from charging for this process).

i understand that this applies to people like me who are careless with paper statements. that is the reason why i switched to email statements. at least they arrive (paper statements can get lost in mail).

(icici bank for example does not have this problem, their online system provides access to enough data from the past).

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i had actually like this to be enforced. so that i can force standard chartered to give me a passbook that is updated thoroughly!
 


Jaymin

A Big Fan of IBF
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Oct 18, 2010
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For us its lot different. Account is at DB......internal employees afterall! It has just 2 branches across Mumbai. They say that we do the maximum possible jobs thru Online Banking. For the few dealings to be done personally, they have 2 branches.

So we get statements in email every month, all transaction alerts with balance details as well in email & sms, plus quarterly statements delivered to me......not received any as yet, since i have not been thru any quarter end!

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But with email statements, cant u just take a print of it for Address proof?
 

Sushubh

Administrator
[OP]
Oct 29, 2004
413,715
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Gurugram
some companies do not accept printouts or even photocopies. airtel actually asked me to give them originals if i remember correctly. funny enough, they themselves pushed for e-statements of their bills claiming that it saved trees and what not. mega double standards on their part.
 

devx101

Senior
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Dec 29, 2010
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weren't passbooks made mandatory quite sometimes back ...? i had seen similar directives in the past years too...
 


Sushubh

Administrator
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Oct 29, 2004
413,715
12,751
Gurugram
the article states that it is indeed mandatory. i think it is more of a reminder to the banks and the people of course. i wonder if i should call standard chartered or contact them on email and get it in writing that they do not issue passbooks (at all). and then file a complaint with RBI?
 

Jaymin

A Big Fan of IBF
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Oct 18, 2010
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I think that for these kind of reasons we have been given the facility of quarterly statements......i think that shud suffice for proofs & all!
 

Sushubh

Administrator
[OP]
Oct 29, 2004
413,715
12,751
Gurugram
banks have no reason to charge for previous statements no matter how old they are especially if they make it impossible to access them online.internet banking was supposed to make accessing your own data easier. but they use lame excuses to restrict access to just 3 months. i mean holy freaking F. gmail can let me access emails from many years ago. these banks cannot let me access bank statements from last year.
 

Jaymin

A Big Fan of IBF
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Oct 18, 2010
10,009
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Well said! But, I have no idea on the policy around my account, in this aspect. They had given quite a few booklets, i read most of them and didnt read 1.....was fat and had small print. I didnt have the patience to do that!